UPDATE: Beau Flynn and Tripp Vinson have formally announced their split and issued this statement: “We have nothing but love and respect for each other, and our decision to pursue our own separate paths after 10 amazing years together is not an easy one,” Flynn and Vinson said. “But we have reached the stage where it is time to embrace new challenges and make films on our own. This isn’t goodbye since we will be working together on many projects that will be reaching the marketplace soon. And while we can look back at a lot of success we’ve had together, we are also excited to be looking ahead to the next chapter.”

EARLIER EXCLUSIVE: Contrafilm partners Beau Flynn and Tripp Vinson are splitting after a decade together. The move comes as their first-look deal at New Line is expiring. Contrafilm will be frozen as a holding company for the projects they developed together that they will continue to move forward. They tell me the split is amicable, but after two years of whirlwind projects, they took stock and decided it was a good time go solo. Each will form his own new company over the summer and both will concentrate on making mainstream commercial fare.

The duo produced The Rite, Choke, The Number 23, The Guardian, The Wild and After the Sunset. They will use the Contrafilm name on their eight remaining development projects: the Paramount-based Baywatch; Screen Gems’ The Dream Team; Disney’s Bob the Musical; CBS Films’ Inside the Machine; Tower Hill Entertainment’s Murder Mystery. At New Line, they have the Sean Bailey- and Ted Griffin-scripted Solace; the remake of The Orphanage; and King of Kong, based on the documentary of the same title.